The economic relations between Saudi Arabia and Canada are entering a new phase that goes beyond traditional trade towards building long-term investment partnerships, driven by intersecting economic interests, a shared vision based on innovation, diversification, and investment in future sectors.

In this context, the Kingdom affirmed that the economic transformation led by Vision 2030, and the more competitive and open business environment it has created, opens broad horizons for Canadian investors, while Canada represents a strategic partner with advanced expertise and technologies that can be employed to support development targets, laying the foundation for a new phase of economic cooperation between the two countries.

Growth of the Saudi economy

During the Saudi-Canadian Investment Forum, which began its proceedings Thursday in Jeddah, Canadian Prime Minister Mark Carney said that Saudi Arabia today represents one of the main pillars of the global economy, praising the remarkable and rapid growth of the Saudi economy at all levels and technical indicators, coinciding with the tremendous structural transformations the country is undergoing under Vision 2030.

He stressed his country's keenness to strengthen economic partnerships with Saudi Arabia, affirming that the agreements signed between Riyadh and Ottawa during the Saudi-Canadian Investment Forum reflect the common aspirations of the two countries to enhance cooperation in various sectors.

Carney affirmed that the world has become more interconnected, and that the importance of dialogue lies in building bridges of communication and strengthening partnerships based on common interests, noting that the meetings that bring the two sides together represent an important platform to expand areas of cooperation in the coming period.

Canada will become a global energy superpower by building our strength at home and forging new partnerships abroad. This morning in Jeddah, I met with his Royal Highness Prince Abdulaziz bin Salman and Saudi Aramco CEO Amin H. Nasser to identify new ways we can partner — and... pic.twitter.com/1eAvbqbrIF

— Mark Carney (@MarkJCarney) July 9, 2026

He praised the leadership of Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and Vision 2030, considering that it presented a model focused on achievement and work, contributing to consolidating stability and promoting development within the Kingdom and the region.

He explained that relations between Canada and Saudi Arabia are witnessing accelerated growth, and that they represent Canada's second largest partnership with the Gulf Cooperation Council countries, affirming that the private sector plays a key role in cementing this relationship and making it more sustainable.

He pointed out that a number of Canadian ministers will continue their visits to the Kingdom to follow up on cooperation files, including artificial intelligence, investment, and the financial sector, reflecting the two countries' commitment to expanding the horizons of partnership and attracting more investments.

He stated that the mining sector is one of the most prominent areas of future cooperation, noting the significant development achieved by the Kingdom in this sector in recent years, and the opportunities it provides for integrating Canadian expertise with Saudi investments, developing human capabilities, enhancing scientific research, and creating new job opportunities.

Group photo of participants in the Saudi-Canadian Investment Forum (Asharq Al-Awsat)

He pointed out that cooperation between Saudi Arabia and Canada extends to the energy and infrastructure sectors, including peaceful nuclear energy, affirming that the two countries have great opportunities for joint work in developing strategic minerals and rare earth metals, to meet global demand and achieve sustainable development, taking into account environmental considerations.

He affirmed that Canada sees the Kingdom as one of the fastest-growing economies among G20 countries, and that it is an important investment partner in the coming years, noting that cooperation also includes the fields of defense and military industries, with remarkable growth in exports and job opportunities.

He expressed his great appreciation and admiration for Saudi society, and that he has witnessed first-hand the magnitude of the transformation that has been achieved since that time, noting that the Kingdom's prominent global standing is due to its being an influential player in many sectors, 'which has been reflected in its hosting and organization of major international events and occasions, including the Esports World Cup, film festivals, and Formula 1 races.' affirming that the Kingdom is one of the fastest-growing countries in these areas.

Investment opportunities

For his part, Minister of Investment Fahad Al-Saif affirmed that Saudi Arabia is entering a new phase of economic partnership with Canada, based on an economy undergoing rapid transformation led by Vision 2030, and qualitative investment opportunities extending from mining and artificial intelligence to financial services, infrastructure, and logistics services.

Al-Saif said in his speech at the Saudi-Canadian Investment Forum, attended by Carney, that the Kingdom is no longer just an attractive market for investments, but has become a long-term economic partner providing a stable investment environment and sustainable growth incentives, noting that investment has become the main driver of economic growth, at a time when non-oil activities represent more than half of the GDP.

He explained that the Saudi economy has achieved a remarkable transformation in recent years, as GDP has increased by about 85 percent since 2017 to exceed $1.3 trillion, while the International Monetary Fund raised its expectations for the growth of the Saudi economy to 5.5 percent during the year 2027, reflecting the strength of the national economy and its ability to continue growth despite global challenges.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Canadian companies

The Minister of Investment pointed out that Saudi-Canadian relations are witnessing increasing momentum, noting that 625 Canadian companies are currently operating in the Saudi market, including 13 regional headquarters, while the number of investment licenses granted to Canadian companies doubled during the past year to approach 250 licenses, reflecting the growing confidence of Canadian investors in the Saudi market.

He added that since 2017, the Kingdom has succeeded in multiplying foreign direct investment flows nearly fivefold, while the stock of foreign investment has risen to about $293 billion, and total gross fixed capital formation has reached over $370 billion, at a time when non-oil and non-government investment represents about 77 percent of total investments.

Al-Saif affirmed that the Kingdom is working on building integrated economic systems including mining, critical minerals, artificial intelligence, financial markets, and venture capital—sectors in which Canadian companies have advanced expertise that can integrate with the investment opportunities offered by the Kingdom, creating long-term strategic partnerships.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Saudi-Canadian Coordination Council